<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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072CC010500 278
072CC020500 0
072DD010500 13
072DD020500 0
072EE000500 0
073 A010500 0.0600
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 84
074 B000500 0
074 C000500 0
<PAGE> PAGE 19
074 D000500 0
074 E000500 0
074 F000500 4020
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 41
074 L000500 5
074 M000500 1
074 N000500 4151
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 101
074 S000500 0
074 T000500 4050
074 U010500 297
074 U020500 0
074 V010500 13.66
074 V020500 0.00
074 W000500 0.0000
074 X000500 146
074 Y000500 0
075 A000500 0
075 B000500 3679
076 000500 0.00
028 A010600 51
028 A020600 0
028 A030600 0
028 A040600 0
028 B010600 38
028 B020600 0
028 B030600 0
028 B040600 0
028 C010600 53
028 C020600 0
028 C030600 0
028 C040600 46
028 D010600 34
028 D020600 0
028 D030600 0
028 D040600 0
028 E010600 21
028 E020600 0
028 E030600 0
028 E040600 10
028 F010600 53
<PAGE> PAGE 20
028 F020600 0
028 F030600 0
028 F040600 15
028 G010600 250
028 G020600 0
028 G030600 0
028 G040600 71
028 H000600 0
029 000600 N
030 A000600 0
030 B000600 0.00
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 0
033 000600 0
034 000600 N
035 000600 0
036 B000600 0
037 000600 Y
038 000600 4910
039 000600 N
040 000600 N
041 000600 N
042 A000600 0
042 B000600 0
042 C000600 0
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 0
044 000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.900
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
<PAGE> PAGE 21
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
053 B000600 Y
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 10000
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 Y
066 E000600 N
066 F000600 N
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
<PAGE> PAGE 22
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 Y
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 1172
071 B000600 457
071 C000600 2133
071 D000600 21
072 A000600 12
072 B000600 1
072 C000600 19
072 D000600 0
072 E000600 0
072 F000600 20
072 G000600 0
072 H000600 0
072 I000600 5
072 J000600 48
072 K000600 0
<PAGE> PAGE 23
072 L000600 9
072 M000600 29
072 N000600 27
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 20
072 S000600 8
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 6
072 X000600 172
072 Y000600 139
072 Z000600 -12
072AA000600 0
072BB000600 34
072CC010600 42
072CC020600 0
072DD010600 8
072DD020600 0
072EE000600 0
073 A010600 0.0500
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 1
074 B000600 0
074 C000600 163
074 D000600 0
074 E000600 0
074 F000600 2268
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 17
074 K000600 36
074 L000600 1
074 M000600 0
074 N000600 2486
074 O000600 112
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 82
074 S000600 0
074 T000600 2292
074 U010600 182
074 U020600 0
<PAGE> PAGE 24
074 V010600 12.58
074 V020600 0.00
074 W000600 0.0000
074 X000600 113
074 Y000600 0
075 A000600 0
075 B000600 2181
076 000600 0.00
SIGNATURE JOHN MILLETTE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Classic Growth Fund Annual Report for the fiscal year ended 10/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> Scudder Classic Growth Fund A Shares
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 202,836,762
<INVESTMENTS-AT-VALUE> 250,796,013
<RECEIVABLES> 538,302
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 12,980
<TOTAL-ASSETS> 251,347,382
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 973,764
<TOTAL-LIABILITIES> 973,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,767,093
<SHARES-COMMON-STOCK> 2,577,236
<SHARES-COMMON-PRIOR> 2,416,649
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,647,274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,959,251
<NET-ASSETS> 250,373,618
<DIVIDEND-INCOME> 257,469
<INTEREST-INCOME> 60,060
<OTHER-INCOME> 0
<EXPENSES-NET> 611,079
<NET-INVESTMENT-INCOME> (293,550)
<REALIZED-GAINS-CURRENT> 2,343,968
<APPREC-INCREASE-CURRENT> 14,900,813
<NET-CHANGE-FROM-OPS> 16,951,231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,792,550
<NUMBER-OF-SHARES-REDEEMED> (7,090,317)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 26,330,179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,303,306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 707,831
<AVERAGE-NET-ASSETS> 56,926,648
<PER-SHARE-NAV-BEGIN> 22.63
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.69
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.30
<EXPENSE-RATIO> 1.27
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Classic Growth Fund Annual Report for the fiscal year ended 10/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 31
<NAME> Scudder Classic Growth Fund B Shares
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> SEP-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 202,836,762
<INVESTMENTS-AT-VALUE> 250,796,013
<RECEIVABLES> 538,302
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 12,980
<TOTAL-ASSETS> 251,347,382
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 973,764
<TOTAL-LIABILITIES> 973,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,767,093
<SHARES-COMMON-STOCK> 1,561,446
<SHARES-COMMON-PRIOR> 1,362,317
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,647,274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,959,251
<NET-ASSETS> 250,373,618
<DIVIDEND-INCOME> 257,469
<INTEREST-INCOME> 60,060
<OTHER-INCOME> 0
<EXPENSES-NET> 611,079
<NET-INVESTMENT-INCOME> (293,550)
<REALIZED-GAINS-CURRENT> 2,343,968
<APPREC-INCREASE-CURRENT> 14,900,813
<NET-CHANGE-FROM-OPS> 16,951,231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,387,191
<NUMBER-OF-SHARES-REDEEMED> (1,889,264)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 26,330,179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,303,306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 707,831
<AVERAGE-NET-ASSETS> 32,368,692
<PER-SHARE-NAV-BEGIN> 22.37
<PER-SHARE-NII> (0.05)
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.98
<EXPENSE-RATIO> 2.22
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Classic Growth Fund Annual Report for the fiscal year ended 10/31/1999 and is
qualified in its entirety by reference to such financial statements. *
</LEGEND>
<SERIES>
<NUMBER> 32
<NAME> Classic Growth Fund C Shares
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 202,836,762
<INVESTMENTS-AT-VALUE> 250,796,013
<RECEIVABLES> 538,302
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 12,980
<TOTAL-ASSETS> 251,347,382
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 973,764
<TOTAL-LIABILITIES> 973,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,767,093
<SHARES-COMMON-STOCK> 297,185
<SHARES-COMMON-PRIOR> 250,687
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,647,274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,959,251
<NET-ASSETS> 250,373,618
<DIVIDEND-INCOME> 257,469
<INTEREST-INCOME> 60,060
<OTHER-INCOME> 0
<EXPENSES-NET> 611,079
<NET-INVESTMENT-INCOME> (293,550)
<REALIZED-GAINS-CURRENT> 2,343,968
<APPREC-INCREASE-CURRENT> 14,900,813
<NET-CHANGE-FROM-OPS> 16,951,231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,310,236
<NUMBER-OF-SHARES-REDEEMED> (257,377)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 26,330,179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,303,306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 707,831
<AVERAGE-NET-ASSETS> 6,101,624
<PER-SHARE-NAV-BEGIN> 22.38
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.66
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.97
<EXPENSE-RATIO> 2.69
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Classic Growth Fund Annual Report for the fiscal year ended 10/31/1999 and is
qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 33
<NAME> Scudder Classic Growth Fund S Shares
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> SEP-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 202,836,762
<INVESTMENTS-AT-VALUE> 250,796,013
<RECEIVABLES> 538,302
<ASSETS-OTHER> 87
<OTHER-ITEMS-ASSETS> 12,980
<TOTAL-ASSETS> 251,347,382
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 973,764
<TOTAL-LIABILITIES> 973,764
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,767,093
<SHARES-COMMON-STOCK> 5,916,346
<SHARES-COMMON-PRIOR> 5,911,188
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,647,274
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 47,959,251
<NET-ASSETS> 250,373,618
<DIVIDEND-INCOME> 257,469
<INTEREST-INCOME> 60,060
<OTHER-INCOME> 0
<EXPENSES-NET> 611,079
<NET-INVESTMENT-INCOME> (293,550)
<REALIZED-GAINS-CURRENT> 2,343,968
<APPREC-INCREASE-CURRENT> 14,900,813
<NET-CHANGE-FROM-OPS> 16,951,231
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,368,502
<NUMBER-OF-SHARES-REDEEMED> (4,242,573)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 26,330,179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9,303,306
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 268,928
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 707,831
<AVERAGE-NET-ASSETS> 134,482,249
<PER-SHARE-NAV-BEGIN> 22.55
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 1.68
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.20
<EXPENSE-RATIO> 1.53
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Tax Managed Growth Fund Annual Report for the fiscal year ended 10/31/1999 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> Scudder Tax Managed Growth Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 3,589,251
<INVESTMENTS-AT-VALUE> 4,019,820
<RECEIVABLES> 45,446
<ASSETS-OTHER> 1,397
<OTHER-ITEMS-ASSETS> 84,302
<TOTAL-ASSETS> 4,150,965
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100,829
<TOTAL-LIABILITIES> 100,829
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,724,596
<SHARES-COMMON-STOCK> 296,592
<SHARES-COMMON-PRIOR> 179,789
<ACCUMULATED-NII-CURRENT> 27,457
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (132,486)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 430,569
<NET-ASSETS> 4,050,136
<DIVIDEND-INCOME> 52,871
<INTEREST-INCOME> 3,793
<OTHER-INCOME> 0
<EXPENSES-NET> 45,977
<NET-INVESTMENT-INCOME> 10,687
<REALIZED-GAINS-CURRENT> (132,486)
<APPREC-INCREASE-CURRENT> 277,558
<NET-CHANGE-FROM-OPS> 155,759
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,914
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,012,729
<NUMBER-OF-SHARES-REDEEMED> (410,090)
<SHARES-REINVESTED> 12,056
<NET-CHANGE-IN-ASSETS> 1,761,017
<ACCUMULATED-NII-PRIOR> 4,314
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 29,423
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198,240
<AVERAGE-NET-ASSETS> 3,678,694
<PER-SHARE-NAV-BEGIN> 12.73
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.94
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 13.66
<EXPENSE-RATIO> 1.25
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Tax Managed Small Company Fund Annual Report for the fiscal year ended
10/31/1999 and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> Scudder Tax Managed Small Company Fund
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 2,291,294
<INVESTMENTS-AT-VALUE> 2,430,984
<RECEIVABLES> 17,785
<ASSETS-OTHER> 141
<OTHER-ITEMS-ASSETS> 36,965
<TOTAL-ASSETS> 2,485,875
<PAYABLE-FOR-SECURITIES> 112,336
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 81,093
<TOTAL-LIABILITIES> 193,429
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,177,239
<SHARES-COMMON-STOCK> 182,216
<SHARES-COMMON-PRIOR> 126,926
<ACCUMULATED-NII-CURRENT> 9,064
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,547)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 139,690
<NET-ASSETS> 2,292,446
<DIVIDEND-INCOME> 19,336
<INTEREST-INCOME> 1,459
<OTHER-INCOME> 0
<EXPENSES-NET> 32,719
<NET-INVESTMENT-INCOME> (11,924)
<REALIZED-GAINS-CURRENT> (33,547)
<APPREC-INCREASE-CURRENT> 42,325
<NET-CHANGE-FROM-OPS> (3,146)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,682)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,070,856
<NUMBER-OF-SHARES-REDEEMED> (356,557)
<SHARES-REINVESTED> 6,923
<NET-CHANGE-IN-ASSETS> 716,229
<ACCUMULATED-NII-PRIOR> 3,301
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,641
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,676
<AVERAGE-NET-ASSETS> 2,181,376
<PER-SHARE-NAV-BEGIN> 12.42
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 12.58
<EXPENSE-RATIO> 1.50
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and to the Shareholders of Classic Growth
Fund:
In planning and performing our audit of the financial statements of Classic
Growth Fund, a series of Investment Trust (the "Fund"), for the period ended
October 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
Boston, Massachusetts
December 10, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and the Shareholders of Scudder Tax Managed
Growth Fund:
In planning and performing our audit of the financial statements of Scudder Tax
Managed Growth Fund, a series of Investment Trust (the "Fund"), for the year
ended October 31, 1999, we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
Boston, Massachusetts
December 16, 1999
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Investment Trust and the Shareholders of Scudder Tax Managed
Small Company Fund:
In planning and performing our audit of the financial statements of Scudder Tax
Managed Small Company Fund, a series of Investment Trust (the "Fund"), for the
year ended October 31, 1999, we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that controls may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of the Trustees,
management, and the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than the specified parties.
Boston, Massachusetts
December 16, 1999
